GP Latest Report

Financial Performance

Greenpower Motor (GP) recorded a total operating revenue of RMB721.89 million as of December 31, 2024, a YoY decrease of 11.49% from RMB815.79 million as of December 31, 2023. This change indicates that the company faces certain pressure in terms of revenue, which may affect its overall profitability. While sales costs have decreased, they have not effectively improved gross profit, which decreased by 22.19%. Increased marketing expenses and market competition pressure also further affected the company's revenue performance.

Key Financial Data

1. Total Operating Revenue: RMB721.89 million in 2024, a YoY decrease of 11.49% from RMB815.79 million in 2023

2. Sales Costs: RMB616.49 million in 2024, a YoY decrease from RMB680.29 million in 2023

3. Gross Profit: RMB105.40 million in 2024, a YoY decrease of 22.19% from RMB135.49 million in 2023

4. Marketing, Sales, and General and Administrative Expenses: RMB358.53 million in 2024, a YoY increase of 11.56% from RMB321.31 million in 2023

5. Market Competition Pressure: Intensified competition in the electric vehicle industry affected market share.

Peer Comparison

1. Industry-wide Analysis: The electric vehicle industry faced the double pressure of intensified competition and rising raw material costs in 2024, affecting overall operating income. Against the backdrop of the industry's overall revenue decline, Greenpower Motor's revenue decline was relatively smaller, indicating its relative stability in the industry.

2. Peer Evaluation Analysis: Compared with other companies in the same industry, Greenpower Motor's total operating revenue decreased significantly, possibly reflecting its insufficient competitiveness in the market. Other competitors may have maintained higher revenue levels through technological innovation and marketing strategies.

Summary

Greenpower Motor's financial performance shows that the company faces multiple challenges, particularly significant decreases in sales revenue and gross profit. Although the company has shown a certain stable performance in market share amid intensified industry competition, its revenue and profitability decline raises concerns about its future operations.

Opportunities

1. Market Share Growth: The company's market share in battery pack installations is 46.0%, indicating potential for continued growth.

2. Overseas Market Demand: Benefiting from the delivery of pre-existing overseas customers, Greenpower's global market share continues to rise, especially in the European market.

3. New Energy Market Growth: The overall new energy vehicle market is growing strongly, and the electric vehicle market revenue is expected to reach US$786.2 billion in 2024, providing opportunities for business expansion.

Risks

1. Decreasing Sales Revenue: The continuous decrease in operating revenue may have a long-term impact on the company's financial stability.

2. Lowering Gross Margin: Intensified competition leads to a lower gross margin, affecting profitability.

3. Macroeconomic Impact: Uncertainty in the economic environment, such as inflation and rising interest rates, may further suppress consumer purchasing power.